REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Financial Information Affected by Revisions and Change in Accounting Principle

The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.

	June 30, 2020						March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Balance Sheets:
ASSETS
Other invested assets	1,962		—		1,962		1,595		12		1,607
Deferred policy acquisition costs	3,746		(70)		3,676		4,068		(85)		3,983
Total Assets	$	232,378	$	(70)	$	232,308	$	218,841	$	(73)	$	218,768
LIABILITIES
Future policy benefits and other policyholders’ liabilities	41,382		29		41,411		37,830		32		37,862
Current and deferred income taxes	1,020		(21)		999		1,637		(22)		1,615
Total Liabilities	$	217,176	$	8	$	217,184	$	199,928	$	10	$	199,938
EQUITY
Retained earnings	2,658		(78)		2,580		7,953		(83)		7,870
Total equity attributable to Equitable Financial	15,157		(78)		15,079		18,872		(83)		18,789
Total Equity	15,166		(78)		15,088		18,881		(83)		18,798
Total Liabilities, Redeemable Noncontrolling interest and Equity	232,378		(70)		232,308		$	218,841	$	(73)	$	218,768

	December 31, 2019						December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Balance Sheets:
ASSETS
Investments:
Deferred policy acquisition costs	4,337		(115)		4,222		5,011		(52)		4,959
Amounts due from reinsurers	3,001		1		3,002		3,124		—		3,124
GMIB reinsurance contract asset, at fair value	2,466		—		2,466		1,991		1		1,992
Current and deferred income taxes	224		25		249		438		35		473
Other assets	3,050		—		3,050		2,763		22		2,785
Total Assets	$	228,041	$	(89)	$	227,952	$	199,952	$	6	$	199,958
LIABILITIES
Future policy benefits and other policyholders’ liabilities	33,976		3		33,979		29,808		75		29,883
Other liabilities	1,768		1		1,769		1,460		—		1,460
Total Liabilities	$	216,344	$	4	$	216,348	$	187,485	$	75	$	187,560
EQUITY
Retained earnings	2,242		(97)		2,145		5,098		(59)		5,039
Accumulated other comprehensive income (loss)	1,592		4		1,596		(491)		(10)		(501)
Total equity attributable to Equitable Financial	11,645		(93)		11,552		12,416		(69)		12,347
Total Equity	11,658		(93)		11,565		12,428		(69)		12,359
Total Liabilities, Redeemable Noncontrolling interest and Equity	$	228,041	$	(89)	$	227,952	$	199,952	$	6	$	199,958

	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	825	$	(1)	$	824	$	1,729	$	—	$	1,729
Net derivative gains (losses)	(5,903)		(5)		(5,908)		3,630		(6)		3,624
Net investment income (loss)	934		(13)		921		1,525		—		1,525
Other income	8		2		10		25		—		25
Total revenues	(3,557)		(17)		(3,574)		8,031		(6)		8,025
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	700		(9)		691		3,297		20		3,317
Amortization of deferred policy acquisition costs	164		(15)		149		1,222		(51)		1,171
Other operating costs and expenses	218		—		218		431		1		432
Total benefits and deductions	1,563		(24)		1,539		5,961		(30)		5,931
Income (loss) from continuing operations, before income taxes	(5,120)		7		(5,113)		2,070		24		2,094
Income tax (expense) benefit from continuing operations	1,029		(2)		1,027		(425)		(5)		(430)
Net income (loss)	(4,091)		5		(4,086)		1,645		19		1,664
Net income (loss) attributable to Equitable Financial	$	(4,095)	$	5	$	(4,090)	$	1,648	$	19	$	1,667

	Three Months Ended March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES:
Policy charges and fee income	904		1		905
Net derivative gains (losses)	9,533		(1)		9,532
Net investment income (loss)	591		13		604
Other income	17		(2)		15
Total revenues	11,588		11		11,599
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	2,597		29		2,626
Interest credited to policyholders’ account balances	289		—		289
Amortization of deferred policy acquisition costs	1,058		(36)		1,022
Other operating costs and expenses	213		1		214
Total benefits and deductions	4,398		(6)		4,392
Income (loss) from continuing operations, before income taxes	7,190		17		7,207
Income tax (expense) benefit from continuing operations	(1,454)		(3)		(1,457)
Net income (loss)	5,736		14		5,750
Net income (loss) attributable to Equitable Financial	$	5,743	$	14	$	5,757

	Year Ended December 31, 2019						Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	3,450	$	37	$	3,487	$	3,523	$	(8)	$	3,515
Net derivative gains (losses)	(3,820)		(11)		(3,831)		(1,010)		(24)		(1,034)
Other income	56		—		56		65		(1)		64
Total revenues	5,148		26		5,174		6,951		(33)		6,918
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	4,119		(31)		4,088		3,005		(45)		2,960
Interest credited to policyholders’ account balances	1,127		22		1,149		1,002		(23)		979
Commissions	629		—		629		620		5		625
Amortization of deferred policy acquisition costs	452		68		520		431		20		451
Other operating costs and expenses	912		—		912		2,918		1		2,919
Total benefits and deductions	7,578		59		7,637		8,432		(42)		8,390
Income (loss) from continuing operations, before income taxes	(2,430)		(33)		(2,463)		(1,481)		9		(1,472)
Income tax (expense) benefit from continuing operations	584		(5)		579		446		10		456
Net income (loss)	(1,846)		(38)		(1,884)		(921)		19		(902)
Net income (loss) attributable to Equitable Financial	$	(1,851)	$	(38)	$	(1,889)	$	(918)	$	19	$	(899)

	Three Months Ended September 30, 2019						Nine Months Ended September 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	853	$	46	$	899	$	2,577	$	42	$	2,619
Net derivative gains (losses)	(342)		(1)		(343)		(2,075)		(5)		(2,080)
Other income	—		(1)		(1)		40		(1)		39
Total revenues	1,946		44		1,990		4,707		36		4,743
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	1,634		8		1,642		3,321		35		3,356
Interest credited to policyholders’ account balances	280		16		296		837		22		859
Amortization of deferred policy acquisition costs	32		22		54		341		4		345
Total benefits and deductions	2,383		46		2,429		5,816		61		5,877
Income (loss) from continuing operations, before income taxes	(437)		(2)		(439)		(1,109)		(25)		(1,134)
Income tax (expense) benefit from continuing operations	175		—		175		284		5		289
Net income (loss)	(262)		(2)		(264)		(825)		(20)		(845)
Net income (loss) attributable to Equitable Financial	$	(262)	$	(2)	$	(264)	$	(828)	$	(20)	$	(848)

	Three Months Ended June 30, 2019						Six Months Ended June 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES
Policy charges and fee income	$	865	$	(2)	$	863	$	1,724	$	(4)	$	1,720
Net derivative gains (losses)	(178)		(1)		(179)		(1,733)		(4)		(1,737)
Total revenues	2,071		(3)		2,068		2,761		(8)		2,753
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	868		(7)		861		1,687		27		1,714
Interest credited to policyholders’ account balances	288		3		291		557		6		563
Amortization of deferred policy acquisition costs	144		(2)		142		309		(18)		291
Total benefits and deductions	1,753		(6)		1,747		3,433		15		3,448
Income (loss) from continuing operations, before income taxes	318		3		321		(672)		(23)		(695)
Income tax (expense) benefit from continuing operations	(53)		—		(53)		109		5		114
Net income (loss)	265		3		268		(563)		(18)		(581)
Net income (loss) attributable to Equitable Financial	$	264	$	3	$	267	$	(566)	$	(18)	$	(584)

	Three Months Ended March 31, 2019
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES:
Policy charges and fee income	859		(2)		857
Net derivative gains (losses)	(1,555)		(3)		(1,558)
Net investment income (loss)	904		—		904
Other income	10		—		10
Total revenues	690		(5)		685
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	819		34		853
Interest credited to policyholders’ account balances	269		3		272
Amortization of deferred policy acquisition costs	165		(16)		149
Other operating costs and expenses	184		—		184
Total benefits and deductions	1,680		21		1,701
Income (loss) from continuing operations, before income taxes	(990)		(26)		(1,016)
Income tax (expense) benefit from continuing operations	162		5		167
Net income (loss)	(828)		(21)		(849)
Net income (loss) attributable to Equitable Financial	$	(830)	$	(21)	$	(851)

	Year Ended December 31, 2017
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Income (Loss)
REVENUES:
Policy charges and fee income	3,294		(5)		3,289
Net derivative gains (losses)	894		(16)		878
Total revenues	8,456		(21)		8,435
BENEFITS AND OTHER DEDUCTIONS
Policyholders' benefits	3,473		8		3,481
Commissions	628		7		635
Amortization of deferred policy acquisition costs	900		25		925
Total benefits and deductions	6,907		40		6,947
Income (loss) from continuing operations, before income taxes	1,549		(61)		1,488
Income tax (expense) benefit from continuing operations	1,210		8		1,218
Net income (loss) from continuing operations	2,759		(53)		2,706
Net income (loss)	2,844		(53)		2,791
Net income (loss) attributable to Equitable Financial	$	2,843	$	(53)	$	2,790

	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	(4,091)	$	5	$	(4,086)	$	1,645	$	19	$	1,664
Change in unrealized gains (losses), net of reclassification adjustment	1,569		—		1,569		3,083		(4)		3,079
Other comprehensive income	1,570		—		1,570		3,084		(4)		3,080
Comprehensive income (loss)	(2,521)		5		(2,516)		4,729		15		4,744
Less: Comprehensive income (loss) attributable to noncontrolling interest	(3)		7		4		(3)		—		(3)
Comprehensive income (loss) attributable to Equitable Financial	$	(2,518)	$	(2)	$	(2,520)	$	4,732	$	15	$	4,747

	Three Months Ended March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	5,736	$	14	$	5,750
Change in unrealized gains (losses), net of reclassification adjustment	1,514		(4)		1,510
Other comprehensive income	1,514		(4)		1,510
Comprehensive income (loss)	7,250		10		7,260
Comprehensive income (loss) attributable to Equitable Financial	$	7,257	$	10	$	7,267

	Year Ended December 31, 2019						Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	(1,846)	$	(38)	$	(1,884)	$	(921)	$	19	$	(902)
Change in unrealized gains (losses), net of reclassification adjustment	2,081		14		2,095		(1,230)		9		(1,221)
Other comprehensive income	2,083		14		2,097		(1,234)		9		(1,225)
Comprehensive income (loss)	237		(24)		213		(2,155)		28		(2,127)
Less: Comprehensive income (loss) attributable to noncontrolling interest	—		5		5		—		(3)		(3)
Comprehensive income (loss) attributable to Equitable Financial	$	237	$	(29)	$	208	$	(2,155)	$	31	$	(2,124)

	Three Months Ended September 30, 2019						Nine Months Ended September 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	(262)	$	(2)	$	(264)	$	(825)	$	(20)	$	(845)
Change in unrealized gains (losses), net of reclassification adjustment	574		156		730		2,629		92		2,721
Other comprehensive income	574		156		730		2,629		92		2,721
Comprehensive income (loss)	312		154		466		1,804		72		1,876
Less: Comprehensive income (loss) attributable to noncontrolling interest	—		—		—		—		3		3
Comprehensive income (loss) attributable to Equitable Financial	$	312	$	154	$	466	$	1,804	$	69	$	1,873

	Three Months Ended June 30, 2019						Six Months Ended June 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	265	$	3	$	268	$	(563)	$	(18)	$	(581)
Change in unrealized gains (losses), net of reclassification adjustment	1,291		(65)		1,226		2,055		(64)		1,991
Other comprehensive income	1,291		(65)		1,226		2,055		(64)		1,991
Comprehensive income (loss)	1,556		(62)		1,494		1,492		(82)		1,410
Less: Comprehensive income (loss) attributable to noncontrolling interest	—		1		1		—		3		3
Comprehensive income (loss) attributable to Equitable Financial	$	1,556	$	(63)	$	1,493	$	1,492	$	(85)	$	1,407

	Three Months Ended March 31, 2019
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$	(828)	$	(21)	$	(849)
Change in unrealized gains (losses), net of reclassification adjustment	764		1		765
Other comprehensive income	764		1		765
Comprehensive income (loss)	(64)		(20)		(84)
Less: Comprehensive income (loss) attributable to noncontrolling interest	—		2		2
Comprehensive income (loss) attributable to Equitable Financial	$	(64)	$	(22)	$	(86)

	Year Ended December 31, 2017
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Comprehensive Income:
Net income (loss)	$	2,844	$	(53)	$	2,791
Change in unrealized gains (losses), net of reclassification adjustment	584		(20)		564
Other comprehensive income	602		(20)		582
Comprehensive income (loss)	3,446		(73)		3,373
Less: Comprehensive income (loss) attributable to noncontrolling interest	—		1		1
Comprehensive income (loss) attributable to Equitable Financial	$	3,446	$	(74)	$	3,372

	Three Months Ended June 30, 2020						Six Months Ended June 30, 2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Retained earnings, beginning of year	$	7,953	$	(83)	$	7,870	$	2,242	$	(97)	$	2,145
Net income (loss) attributable to Equitable Financial	(4,095)		5		(4,090)		1,648		19		1,667
Retained earnings, end of period	$	2,658	$	(78)	$	2,580	$	2,658	$	(78)	$	2,580
Accumulated other comprehensive income (loss), beginning of year	$	3,106	$	—	$	3,106	$	1,592	$	4	$	1,596
Other comprehensive income (loss)	1,570		—		1,570		3,084		(4)		3,080
Total Equitable Financial equity, end of period	$	15,157	$	(78)	$	15,079	$	15,157	$	(78)	$	15,079
Total equity, end of period	$	15,166	$	(78)	$	15,088	$	15,166	$	(78)	$	15,088

	Three Months Ended March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Retained earnings, beginning of year	$	2,242	$	(97)	$	2,145
Net income (loss) attributable to Equitable Financial	5,743		$	14	5,757
Retained earnings, end of period	$	7,953	$	(83)	$	7,870
Accumulated other comprehensive income (loss), beginning of year	$	1,592	$	4	$	1,596
Other comprehensive income (loss)	1,514		(4)		1,510
Total Equitable Financial equity, end of period	$	18,872	$	(83)	$	18,789
Total equity, end of period	$	18,881	$	(83)	$	18,798

	Year Ended December 31, 2019						Year Ended December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Retained earnings, beginning of year	$	5,098	$	(59)	$	5,039	$	8,938	$	(78)	$	8,860
Net income (loss) attributable to Equitable Financial	(1,851)		(38)		(1,889)		(918)		19		(899)
Retained earnings, end of year	$	2,242	$	(97)	$	2,145	$	5,098	$	(59)	$	5,039
Accumulated other comprehensive income (loss), beginning of year	$	(491)	$	(10)	$	(501)	$	598	$	(19)	$	579
Other comprehensive income (loss)	2,083		14		2,097		(1,234)		9		(1,225)
Accumulated other comprehensive income (loss), end of year	$	1,592	$	4	$	1,596	$	(491)	$	(10)	$	(501)
Total Equitable Financial equity, end of year	$	11,645	$	(93)	$	11,552	$	12,416	$	(69)	$	12,347
Total equity, end of year	$	11,658	$	(93)	$	11,565	$	12,428	$	(69)	$	12,359

	Three Months Ended September 30, 2019						Nine Months Ended September 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Retained earnings, beginning of year	$	4,532	$	(77)	$	4,455	$	5,098	$	(59)	$	5,039
Net income (loss) attributable to Equitable Financial	(262)		(2)		(264)		(828)		(20)		(848)
Retained earnings, end of period	$	3,270	$	(79)	$	3,191	$	3,270	$	(79)	$	3,191
Accumulated other comprehensive income (loss), beginning of year	$	1,564	$	(74)	$	1,490	$	(491)	$	(10)	$	(501)
Other comprehensive income (loss)	574		156		730		2,629		92		2,721
Accumulated other comprehensive income (loss), end of period	$	2,138	$	82	$	2,220	$	2,138	$	82	$	2,220
Total Equitable Financial equity, end of period	$	13,239	$	3	$	13,242	$	13,239	$	3	$	13,242
Total equity, end of period	$	13,251	$	3	$	13,254	$	13,251	$	3	$	13,254

	Three Months Ended June 30, 2019						Six Months Ended June 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Retained earnings, beginning of year	$	4,268	$	(80)	$	4,188	$	5,098	$	(59)	$	5,039
Net income (loss) attributable to Equitable Financial	264		3		267		(566)		(18)		(584)
Retained earnings, end of period	$	4,532	$	(77)	$	4,455	$	4,532	$	(77)	$	4,455
Accumulated other comprehensive income (loss), beginning of year	$	273	$	(9)	$	264	$	(491)	$	(10)	$	(501)
Other comprehensive income (loss)	1,291		(65)		1,226		2,055		(64)		1,991
Accumulated other comprehensive income (loss), end of period	$	1,564	$	(74)	$	1,490	$	1,564	$	(74)	$	1,490
Total Equitable Financial equity, end of period	$	13,920	$	(151)	$	13,769	$	13,920	$	(151)	$	13,769
Total equity, end of period	$	13,932	$	(151)	$	13,781	$	13,932	$	(151)	$	13,781

	Three Months Ended March 31, 2019
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Retained earnings, beginning of year	$	5,098	$	(59)	$	5,039
Net income (loss) attributable to Equitable Financial	(830)		$	(21)	(851)
Retained earnings, end of period	$	4,268	$	(80)	$	4,188
Accumulated other comprehensive income (loss), beginning of year	$	(491)	$	(10)	$	(501)
Other comprehensive income (loss)	764		1		765
Accumulated other comprehensive income (loss), end of period	$	273	$	(9)	$	264
Total Equitable Financial equity, end of period	$	12,358	$	(89)	$	12,269
Total equity, end of period	$	12,370	$	(89)	$	12,281

	Year Ended December 31, 2017
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Equity:
Retained earnings, beginning of year	$	6,095	$	(25)	$	6,070
Net income (loss) attributable to Equitable Financial	2,843		$	(53)	2,790
Retained earnings, end of period	$	8,938	$	(78)	$	8,860
Accumulated other comprehensive income (loss), beginning of year	$	(4)	$	1	$	(3)
Other comprehensive income (loss)	602		(20)		582
Accumulated other comprehensive income (loss), end of period	$	598	$	(19)	$	579
Total Equitable Financial equity, end of period	$	16,397	$	(97)	$	16,300
Total equity, end of period	$	19,492	$	(97)	$	19,395

	June 30, 2020						March 31, 2020
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Cash Flows:
Cash flow from operating activities:
Net income (loss)	$	1,645	$	19	$	1,664	$	5,736	$	14	$	5,750
Policy charges and fee income	(1,729)		—		(1,729)		(904)		(1)		(905)
Net derivative (gains) losses	(3,630)		6		(3,624)		(9,533)		1		(9,532)
Amortization and depreciation	1,181		(51)		1,130		1,025		(35)		990
Future policy benefits	1,666		20		1,686		1,817		29		1,846
Reinsurance recoverable	(149)		—		(149)		(97)		1		(96)
Current and deferred income taxes	433		6		439		1,462		3		1,465
Net cash provided by (used in) operating activities	$	(868)	$	—	$	(868)	$	(621)	$	12	$	(609)
Change in collateralized pledged assets	58		—		58		45		(1)		44
Change in collateralized pledged liabilities	247		—		247		667		(11)		656
Net cash provided by (used in) financing activities	$	2,308	$	—	$	2,308	$	2,504	$	(12)	$	2,492
Cash and cash equivalents, end of period	$	4,318	$	—	$	4,318	$	7,492	$	—	$	7,492

	December 31, 2019						December 31, 2018
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Cash Flows:
Cash flow from operating activities:
Net income (loss) (1)	$	(1,846)	$	(38)	$	(1,884)	$	(358)	$	19	$	(339)
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(3,450)		(37)		(3,487)		(3,523)		8		(3,515)
Interest credited to policyholders' account balances	1,127		22		1,149		1,002		(23)		979
Net derivative (gains) losses	3,820		11		3,831		1,010		24		1,034
Amortization and depreciation	323		68		391		340		20		360
Capitalization of DAC	(648)		—		(648)		(597)		5		(592)
Future policy benefits	1,115		(31)		1,084		(284)		(46)		(330)
Current and deferred income taxes	(334)		5		(329)		(556)		(7)		(563)
Net cash provided by (used in) operating activities	$	(606)	$	—	$	(606)	$	1,418	$	—	$	1,418
Cash and cash equivalents, end of period	$	1,492	$	—	$	1,492	$	2,622	$	—	$	2,622

_____________

(1) December 31, 2018 Net Income (Loss) includes $563 million of discontinued operations that are not included in Net Income (Loss) in the Consolidated Statement of Income (Loss).

	September 30, 2019						June 30, 2019
	As Previously Reported		Impact of Revisions		As Revised		As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Cash Flows:
Cash flow from operating activities:
Net income (loss)	$	(825)	$	(20)	$	(845)	$	(563)	$	(18)	$	(581)
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(2,577)		(42)		(2,619)		(1,724)		4		(1,720)
Interest credited to policyholders' account balances	837		22		859		557		6		563
Net derivative (gains) losses	2,075		5		2,080		1,733		4		1,737
Amortization and depreciation	267		4		271		268		(18)		250
Future policy benefits	1,035		40		1,075		91		27		118
Reinsurance recoverable	(123)		(4)		(127)		(59)		—		(59)
Current and deferred income taxes	(81)		(5)		(86)		99		(5)		94
Net cash provided by (used in) operating activities	$	(712)	$	—	$	(712)	$	(283)	$	—	$	(283)
Cash and cash equivalents, end of period	$	1,553	$	—	$	1,553	$	3,093	$	—	$	3,093

	March 31, 2019
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Cash Flows:
Cash flow from operating activities:
Net income (loss)	$	(828)	$	(21)	$	(849)
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(859)		2		(857)
Interest credited to policyholders' account balances	269		3		272
Net derivative (gains) losses	1,555		3		1,558
Amortization and depreciation	143		(16)		127
Future policy benefits	41		34		75
Current and deferred income taxes	54		(5)		49
Net cash provided by (used in) operating activities	$	(148)	$	—	$	(148)
Cash and cash equivalents, end of period	2,922		—		2,922

	December 31, 2017
	As Previously Reported		Impact of Revisions		As Revised
	(in millions)
Consolidated Statements of Cash Flows:
Cash flow from operating activities:
Net income (loss) (1)	$	3,377	$	(54)	$	3,323
Adjustments to reconcile Net income (loss) to Net cash provided by (used in) operating activities:
Policy charges and fee income	(3,294)		5		(3,289)
Net derivative (gains) losses	(870)		16		(854)
Amortization and depreciation	825		25		850
Future policy benefits	1,189		8		1,197
Net cash provided by (used in) operating activities	$	(381)	$	—	$	(381)
Cash and cash equivalents, end of period	3,409		—		3,409

_____________

(1) Net Income (Loss) includes $533 million of discontinued operations that are not included in Net Income (Loss) in the Consolidated Statement of Income (Loss).